Monarch Surveyors IPO GMP Rises As Issue Subscribed Over 250 Times On Final Day — Key Details Here

The initial public offering (IPO) of Monarch Surveyors and Engineering Consultants Ltd. continued to see strong demand across investor categories on the third and last day of subscription on July 24. The BSE SME issue was booked more than 250 times.

The Rs 93.75-crore IPO attracted bids for more than 62.2 crore shares against 24.81 lakh shares on offer, as per Chittorgarh data as of 5 p.m. 

The Qualified Institutional Buyers booked their quota 179.01 times. The retail portion of the IPO was subscribed 263.01 times. The Non-Institutional Investors (NIIs) booked their category 317.05 times.

The grey market premium (GMP) for the Monarch Surveyors IPO stood at Rs 210 apiece as of 4:00 p.m. on July 24, according to InvestorGain. The latest GMP indicates a listing price of Rs 460 apiece. Monarch Surveyors and Engineering Consultants shares are expected to make a strong market debut at a premium of 84% against the IPO price, as per the latest GMP.

As per the GMP trends, this is the highest grey market premium for the IPO since it opened for bidding on July 22. The lowest GMP recorded was Rs 160 when the issue opened for subscription on Tuesday.

Note: GMP does not represent official data and is based on speculation.

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The Monarch Surveyors IPO is a book-building issue worth Rs 93.75 crore. It comprises only a fresh issue of 37.50 lakh shares.

Retail investors can participate by bidding for two lots comprising 1,200 shares, requiring an investment of Rs 2,84,400. High Net-Worth Individuals need to bid for three lots, amounting to a minimum investment of Rs 4,50,000.

The price band for the IPO is set between Rs 237 and Rs 250 per share.

The subscription window for the IPO opened on July 22. The IPO share allotment status is proposed to be finalised on July 25. The company is scheduled to transfer shares to the Demat accounts of successful bidders on July 28. Refunds for the non-allottees will also be processed on the same day. 

Shares of Monarch Surveyors are expected to be listed on the BSE SME platform on July 29. 

Beeline Capital Advisors Pvt. is the book-running lead manager of the Monarch Surveyors IPO. Bigshare Services Pvt. is the registrar and Spread X Securities Pvt. is the market maker for the issue.

The company plans to use proceeds from the IPO to fund capital expenditure for purchasing machinery, fund working capital requirements and for general corporate purposes.

The company provides consulting services for infrastructure projects in India and abroad. Its services include engineering surveys, feasibility studies and geotechnical investigations. 

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.